81 Route 4 East in Paramus — Courtesy: NAI James E. Hanson
By Joshua Burd
A local investor has acquired a 10,000-square-foot office condominium on Route 4 in Paramus, in a newly announced transaction by NAI James E. Hanson.
According to the brokerage team, the purchase by PANJ-AAB Holdings LLC includes the second and third floors of a freestanding building that has retail units on the ground level. The Paramus-based buyer expects to market the space at 81 Route 4 East to medical users, citing the surrounding retail corridor and its proximity to three major hospitals.
NAI Hanson’s Darren Lizzack and Randy Horning represented the seller, Sauer Associates II LLC. Terms were not disclosed.
“The market for well-located, flexible and convenient medical office space in the Bergen County area continues to be very strong,” Horning said. “The location of 81 Route 4 East, essentially surrounded by Hackensack University Medical Center, Holy Name Medical Center, Englewood Medical Center and the John Theurer Cancer Center, makes it an ideal location for complementary tenants. We are always looking for ways to leverage our market expertise to help our clients find value opportunities and to take advantage of market dynamics.”
In a news release, NAI Hanson said the building sits between the Route 17 and Spring Valley Road interchanges. Features include on-building signage potential and ample on-site parking, along with quick access to other highways in the area.
